Posted 4/16/2024, 6:22:30 AM
Woolworths CEO Threatened With Contempt After Dodging Questions on Profit Metric
- Woolworths CEO Brad Banducci threatened with 6 months in prison for contempt of Senate for refusing to answer questions on return on equity metric
- Banducci repeatedly avoided questions from Senator McKim on whether return on equity was a valid profitability metric
- McKim suspended hearing to discuss contempt charges before Banducci admitted he didn't know Woolworths' return on equity
- McKim accused Woolworths of "profiteering" and "price gouging" based on its 26% return on equity
- In contrast, Coles CEO Leah Weckert answered questions on return on equity without issue, noting it was not a major metric for grocers